Godfrey Pembroke reappoints Lonsec Research amid Insignia exit
Godfrey Pembroke Group has reappointed Lonsec as its research partner, while the licensee continues its business transformation.
According to Lonsec, it will maintain its position as the mandated research and investment consultant provider for Godfrey Pembroke.
The financial advice firm will continue using iRate, Lonsec’s investment research portal which provides financial professionals with access to a range of financial product research, ratings and analytical tools.
iRate offers research on managed funds, superannuation funds, portfolio construction and comparison features to assist advisers in streamlining their processes and meeting compliance obligations.
Meanwhile, Godfrey Pembroke is currently undergoing a business transformation as it exits from Insignia Financial’s institutional ownership after two decades.
In February 2024, Insignia executed a sale agreement with Practice Development Group to return the ownership of Godfrey Pembroke to advisers under an existing arrangement from when Insignia acquired the business. Godfrey Pembroke was picked up by the firm as part of its acquisition of MLC Wealth.
David Chalmers, Insignia chief financial officer, said at the time that the licensee will be less strong in H2 compared to the first half due to revenue losses associated with the divestment.
Commenting on the Lonsec appointment, Godfrey Pembroke chief executive Mark Fisher said: “The Godfrey Pembroke model is largely an outsourced vendor relationship model, so choosing the right vendors is key. We chose to continue our longstanding relationship with Lonsec due to the depth and breadth of their research, as well as the professionalism of the researchers and analysts.
“During the transition out of Insignia, the support the Lonsec team provided was topnotch, and we are delighted to continue this relationship.”
Michael Wright, Lonsec chief executive, remarked: “We are delighted to be partnering with Godfrey Pembroke during such an exciting time of business transformation for the group. In an ever-changing, compliance-heavy advice landscape, it is more important than ever for licensees to provide efficient and reliable research tools to their advisers.
“We are delighted to continue as the research and investment consulting partner for Godfrey Pembroke, and by doing so, helping their advisers to have more informed and insightful conversations with their clients.”
Moreover, the partnership includes the appointment of a member of the Lonsec investment consulting team to the Godfrey Pembroke investment committee, who has not been named.
AUTHOR
Jasmine Siljic
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
